SimpleSwap, a popular cryptocurrency exchange platform, recently announced an upgrade to its loyalty program, promising users Bitcoin cashback rewards for their transactions. The goal of this initiative is to reward SimpleSwap’s customers for their ongoing commitment to the platform.
A Closer Look at the New Loyalty Program Features
Previously, SimpleSwap offered SWAP tokens as part of its rewards system. However, as of February 29, 2024, these tokens have been phased out in favor of a more streamlined and beneficial system that offers BTC cashback. This change reflects SimpleSwap’s continuous efforts to adapt and improve user rewards based on customer feedback and market trends.
The loyalty program now operates on a level-based system where the amount of BTC cashback received depends on the user’s exchange volume. For instance, upon signing up and making an initial exchange, users automatically attain the Bronze level and begin accruing cashback. What’s important — once reached, a loyalty level stays forever.
As users increase their exchange volume within a 90-day rolling period, they can ascend to higher levels—Silver, Gold, and Platinum—each offering increased cashback percentages.
The necessary 90-day exchange volume for each level looks like this:
Level 1 (Bronze): 0 BTC
Level 2 (Silver): 0.25 BTC
Level 3 (Gold): 1.5 BTC
Level 4 (Platinum): 10 BTC
The cashback received in the different levels looks like this:
Level 1 (Bronze): 0.05%
Level 2 (Silver): 0.1%
Level 3 (Gold): 0.2%
Level 4 (Platinum): 0.4%
SimpleSwap uses a ‘moving window’ approach to calculate exchange volumes, ensuring that only trades within the last 90 days contribute to a user’s loyalty level. For example, a user initially trades 0.1 BTC, and gets placed in the Bronze Level.
Two months later, they come back, and trade another 0.1 BTC – now, the total is 0.2 BTC in the last 90 days.
Program Benefits and Future Plans
Each loyalty level offers distinct cashback rates, starting at 0.05% for Bronze and scaling up to 0.4% for Platinum. These rewards are designed to provide notable benefits to loyal users of the platform. SimpleSwap also maintains a minimum withdrawal amount of 0.006 BTC across all levels, ensuring that users can easily access their earned cashback.
Looking ahead, SimpleSwap hints at further enhancements to the loyalty program, with new benefits currently under development.
Summary
SimpleSwap’s revamped loyalty program exemplifies the platform’s dedication to user satisfaction and market leadership in the cryptocurrency exchange industry. By transitioning from SWAP tokens to a BTC cashback system, SimpleSwap is setting a new standard for loyalty rewards in the crypto space. Users are encouraged to join the loyalty program and start benefiting from the various perks it offers.
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